Alchemy, a back-end Fintech that provides SaaS banking services, has expanded into Latin America in a new partnership with the launch of decisioning services with Mexico-based Buy Now Pay Later (BNPL) lender, Círculo de Crédito, according to a note from the company.
Alchemy says that its engineers worked side by side and launched the underwriting and risk strategies needed on Alchemy’s decision engine within a matter of weeks.
Alchemy utilized Mexico’s leading personal credit bureau Círculo de Crédito as part of the solution. Testing and working with engineers from Círculo de Crédito was a breeze and our engineers were able to quickly translate integration documents and launched our Latin American client in record time.
Timothy Li, founder and CEO of Alchemy said:
“Working with our Latin American client has been a great experience for our team. We overcame many difficulties and barriers and delivered the project on time.”
BNPL, or point of sale credit, has boomed recently in North and South America as well as Europe. BNPL is part of the movement towards “embedded Fintech” or Fintech everywhere.
Alchemy said their client’s installment plan is changing the way people shop online in Mexico.